Funds from a recently signed $120-million land claim settlement will go toward land purchases for economic development in London and elsewhere.

With the ink barely dry on a land claim settlement that promises a flood of cash, the Thames First Nation says it’s looking to buy up land in London, Ont., and create Ontario’s first urban native reserve.

Chief Joe Miskokomon recently initialled the $119-million land claim settlement that will allow the band to purchase up to 720 hectares of land to add to their existing reserve.

The band is looking to acquire parcels of prime real estate near Hwy. 401 and in several municipalities, including London, to develop into revenue-generating businesses for the band.

“We’re trying to reach out to communities that surround us and say: ‘We all have a collective interest in this region. We should be working closer together . . . and not working in isolation or in opposition,’ ” Miskokomon said.

Because London and the Thames First Nation both have high unemployment rates, they should be pooling their resources to create economic opportunities for everyone, he said.

In a community planning document, the band lays out a multi-faceted strategy that includes purchasing land for industrial, commercial and residential development while partnering with private business and even creating its own bank.

“This is just the seed; we don’t know how big the tree will grow. But we think that as it grows and matures and branches out, there are going to be great opportunities not only for the Chippewa, but for the other surrounding First Nations also.”

London Mayor Joe Fontana was planning to sit down with the man he likes to call “Chief Joe” to discuss the plan’s particulars.

“I look at this as an opportunity,” Fontana said. “His bold vision and ours could lead to not only economic benefits for his nation, but for London and southwestern Ontario.”

According to the agreement, which is not yet ratified with the Federal government, any parcels bought within 10 kilometres of each other would be considered part of the same reserve, Miskokomon said. This opens up the potential for several urban pockets in London to collectively become a big-city native reserve.

While urban reserves exist across Canada, this would be Ontario’s first, Miskokomon said.

Of the settlement cash, only $30 million of the anticipated compensation payment will be devoted to land purchases and development; $19 million will be distributed to band members in a one-time payment; $60 million will be invested in a retirement trust fund for the community’s elderly; and $10 million will be used to set up a scholarship fund to send students to college and university.

The band council will be sending out copies of the land claim agreement to band members and hopes to hold a referendum at the end of March.

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